Thanks to the rise in petroleum and gas prices, the BP revenue jumped in the third quarter.
The basic exchange costs jumped from $ 2.8 billion in the previous quarter to $ 3.3 billion.
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“Our company has produced powerful fundamental revenue and cash flow, focusing on safe and reliable operations,” said Bernard Rooney’s Chief Officer. He said the result was “another good quarterly”.
“The rise in product prices has certainly helped, but I am most satisfied every quarter of that quarter. We are doing what we have said. We strengthened our finances. This is the meaning of developing a lot of cash to grow the distribution to shareholders.
Commenting on the results, Stuart Ramont’s Investment Manager of Brewvin Dolphin states: Debt is reduced, cash flow is powerful, supported by higher and more sustained product prices.
“Further stocks and attractive dividends are good news for shareholders, but the fact that this update is provided in COP26 reminds me that BP has a long way to become a low -carbon energy company.” He added.
The BP shares opened 0.45 % in 355p.
AJ Bell analyst suggested that the BP stock price could have fallen because investors had already taken into account the strong effects of energy prices.
“The results of the BP may have been better than the prediction, but given the strength of the product price during the problem, I can claim that this is not really surprising.”
“In particular, there was a big difference between the basic numbers and the reported numbers linked to the accounting rules for hedging agreements, which were not prior to the natural gas prices. It was a troublesome event.
“Oil major has sweeteners for investors, committed to additional stock repurchase, and if the oil price exceeds $ 60 per barrel, it is a very smart mechanism that buys 1 billion dollar equity every quarter. Was introduced effectively.
